Mentos Posted July 18, 2009 Report Share Posted July 18, 2009 did any of you guys considered the money you deposit already gone? That is, you were already willing to risk it all and if you lost it all, it was not a big deal? That was the way I was and it helped a lot. I already considred my first account a tuition in the university of Forex. Helped a lot in the psychology portion of the trading. Yeah, I did blew it all, but I learned a lot and wasn't too worried about it. What did you guys felt during your first account? Quote Just another pippin master :):) Link to comment Share on other sites More sharing options...
sedoley Posted July 18, 2009 Report Share Posted July 18, 2009 Re: When You First Entered The Forex World . . . i guess alot of us are with u, but learning never stops. consistency and steadfastness is needed here. :) Quote Link to comment Share on other sites More sharing options...
caradine Posted July 18, 2009 Report Share Posted July 18, 2009 Re: When You First Entered The Forex World . . . I have learn one month about forex, but I still not confidence go through live account. How long you have learn before going to first live account? Quote Link to comment Share on other sites More sharing options...
vampiricaura Posted July 18, 2009 Report Share Posted July 18, 2009 Re: When You First Entered The Forex World . . . 2 years ago... and i think most important concept is emotional control in forex, that's the key... Quote Link to comment Share on other sites More sharing options...
soundfx Posted July 19, 2009 Report Share Posted July 19, 2009 Re: When You First Entered The Forex World . . . "How long you have learn before going to first live account?" The point of using the demo system is so that you can experiment with different systems until you find the one which suits you personally, the massive benefit being that you don't need to spend any cash on your education. The key thing with demo is to make it realistic. If you can only afford to put $1,000 in a live account, then your demo account should be the same as this will give you an accurate measure of how much you can expect to profit. If you put in $100,000 into a demo, and you're only going to put $1,000 into a live account, then there's an extremely high probability that you'll lose your cash very quickly after you go live. One reason for this is that with a falsely large account you can take bigger risks and not worry, other reasons would be that when real money is on the line, you'll end up trading with a totally different system than you used in demo because of fear and greed factors. Then in demo you need to make your own targets. Simple ones to start with are being profitable each day (if you're scalping), being profitable each week (if you're a day trader), or being profitable each month (if you're a swing trader). Alternatively you can aim for a number of pips in a given time. It doesn't matter how much profit you make, your goal is to just to make a profit. Consistency in trading is crucial. Any trader who can consistently make 10 pips profit per day will become a millionaire very quickly. If you're using a particular system in demo and overall it's profitable in accordance with your goals, then is the time to go live. However, when you do go live you need to ensure that you follow the rules of the system which works for you exactly as you did in demo. If you have confidence in your system making profits from demo trading, then a lot of the stress of live trading will be relieved. Plus the fact that you've set up a demo account with same amount of cash as you would a live account, you'll be able to ensure that you don't trade too much for your account size. Quote Link to comment Share on other sites More sharing options...
daniri Posted July 19, 2009 Report Share Posted July 19, 2009 Re: When You First Entered The Forex World . . . I put $500 in live considering spent for something, if i gain and get $1000 i bring back my original $500 and continue with the rest. If I loose, no tears. Quote Link to comment Share on other sites More sharing options...
sedoley Posted July 19, 2009 Report Share Posted July 19, 2009 Re: When You First Entered The Forex World . . . I put $500 in live considering spent for something, if i gain and get $1000 i bring back my original $500 and continue with the rest. If I loose, no tears. Fx rookie thoughts =)) Quote Link to comment Share on other sites More sharing options...
jondoe Posted July 20, 2009 Report Share Posted July 20, 2009 Re: When You First Entered The Forex World . . . I used money I didn't need to live on. I didn't expect to loose it, and I haven't, but I definitely don't use money I need to pay the bills. Good money management is needed if you expect to earn any profit at all. If you put money to work expecting to loose it, you will. Quote Link to comment Share on other sites More sharing options...
BBARGOUTI Posted July 20, 2009 Report Share Posted July 20, 2009 Re: When You First Entered The Forex World . . . I do not have the confidence yet to trade live....even though i have demo trading for at least 3 to 4 months...i am always looking for the perfect trading system..now someone have mentioned that it takes 2 years to be profitable...now that is a long time...but i guess that is how the averages work..good luck Quote Link to comment Share on other sites More sharing options...
armandog Posted July 20, 2009 Report Share Posted July 20, 2009 Re: When You First Entered The Forex World . . . After 3 months of demo trading i went live with a 10k live account. After 1 month i managed to double it, i got greedy and started taking risky trades, i blew the account in 2 weeks.. I have not given up. I learned from that experience and i back to demo until i find myself confident enough to go live again. Quote Link to comment Share on other sites More sharing options...
ryujin Posted July 20, 2009 Report Share Posted July 20, 2009 Re: When You First Entered The Forex World . . . well, that have to see how long you would want to do demo. Some people just tried demo for a few months and give up. I guess the best way is to have an EA with 1:1 risk/reward ratio Quote Link to comment Share on other sites More sharing options...
soundfx Posted July 20, 2009 Report Share Posted July 20, 2009 Re: When You First Entered The Forex World . . . Are there any EAs which exist which have a 1:1 risk/reward ? I've never seen one. I don't believe a scalping EA would work with 1:1 as trades will be chopped out with a stop far too often (certainly on EUR/USD), as the stop/target would be typically 5 or 10 pips. I can see an EA working with 100 pip target and stop or 200 pip target and stop possibly. Though the entries would need to be pretty accurate (to avoid being stopped out due to bad timing) with perhaps one or two trades a week (as the EA would need to leave enough time to capture the 100 or 200 pips). The problem with EAs which work from fixed ratios is that they're inflexible and the market is constantly changing. It would be better to have an EA which uses an indicator to get into a trade and a reversal of the indicator signal for the exit. That could work quite well in theory. Quote Link to comment Share on other sites More sharing options...
Burro Posted July 21, 2009 Report Share Posted July 21, 2009 Re: When You First Entered The Forex World . . . Even trading demo is scary for me :) What will live be like! Quote Link to comment Share on other sites More sharing options...
adrian1974 Posted July 21, 2009 Report Share Posted July 21, 2009 Re: When You First Entered The Forex World . . . All.. This what I think that you should consider before dealing business with currency market. - Why choose forex if the fact that 90%..95% will lost their money ? Why don't you invest in stock or maybe reksadana ? - What do you expect when trading forex ? Money; of course, but how fast you plan to make money in forex ? Are your planing realistic? - Can you continously read and learn everything about currency market in everyday ? Yes 1 or 2 hours /day is not enough to learn forex for beginners. But consider, 500 books or more can not guarantee your trading will succeed. - Are you dare to put your real money for about USD 200 for trading nano lot instead of demo? Honestly, how many of you can trade demo with high discipline and treat the demo account like your real money ? Demo can not teach you with discipline and nor improve your trading emotional. Frankly demo will ruin your trading patience ;) - Are you patience enough to learn from your trading mistakes, but most important, can you kill your ego and accept your failure than control your emotion to recover your trading behaviour ? - How many books you have finished read in a month ? Please argue with yourself, then decide that you still interest to trade forex or not. Quote Link to comment Share on other sites More sharing options...
lap Posted July 22, 2009 Report Share Posted July 22, 2009 Re: When You First Entered The Forex World . . . 3 month ago...hope win more pips Quote Link to comment Share on other sites More sharing options...
zulkizm Posted July 24, 2009 Report Share Posted July 24, 2009 Re: When You First Entered The Forex World . . . new forex ... ;)) I lose everything. Every week my account margin call. Quote Link to comment Share on other sites More sharing options...
doc9903 Posted July 24, 2009 Report Share Posted July 24, 2009 Re: When You First Entered The Forex World . . . I had my account blown up by EA 2 times in 1 years, but I gain a lot of knowledge about setting the EA properly. Now I do not affraid of money loss in Fx, you may lost one time but you can win many times. Regards; Quote Link to comment Share on other sites More sharing options...
iegn Posted July 25, 2009 Report Share Posted July 25, 2009 Re: When You First Entered The Forex World . . . A friend of mine trade demo for almost one year then only go for live acct but i immediately go live after trade demo for one week. eventually i loss terrible :( Quote Link to comment Share on other sites More sharing options...
simoniex Posted July 26, 2009 Report Share Posted July 26, 2009 Re: When You First Entered The Forex World . . . two years ago, keep losing money, even now, easy, most broker are money s@ucker Quote Link to comment Share on other sites More sharing options...
posterx Posted July 26, 2009 Report Share Posted July 26, 2009 Re: When You First Entered The Forex World . . . Once you have a strategy in place, don't wait too long. Open a live account with small money. Trading demo and live is very different. There are no emotions with demo. Quote Link to comment Share on other sites More sharing options...
⭐ BhaiSahib Posted July 26, 2009 Report Share Posted July 26, 2009 Re: When You First Entered The Forex World . . . My experience.... Trading is an extremely powerful and fast way of reducing and annhilating everything you think you are,everything you think you know and everything you think you want, to the state where the the illusion that fear and greed has woven in the fabric of your being is fully revealed and simply disappears. Trading is one of the most effective tools that I know of to annihilate the insanity that all to often drives and motivates us while simultaneously accelerating and facilitating the awakening of true wealth...... Just as churning cream produces butter the process of trading and its accompanying stress churns our being so thoroughly and completely..mentally ,emotionally and spiritually, that if you are lucky, one day you simply wake up and discover that what was once milk and cream is now become butter and ghee and has served to set you free! Forex has an amazing capacity to make you wealthy but not perhaps in a way you would at first suspect..... Regards BhaiSahib Quote Link to comment Share on other sites More sharing options...
johndata Posted July 26, 2009 Report Share Posted July 26, 2009 Re: When You First Entered The Forex World . . . 1 year demo trading. Very easy, compared with real account. I remember i left open trades for days without look at them. I was taken trades without second thought, i averaged losing positions etc. It wasn't real money. It was waste of time. Demo trading is only for 1 or 2 months to learn the platform and to place trades. Nothing else. I have opend a real account 1 year ago. I have managed not to lose. I took almost 600 trades. 70% winning trades. Every 3-4 winning trades i take 1 or 2 losing ones and i give all the profits back. I know everything about price action. I have tried almost all the indicators. I have spent more than 2 years with Forex, at least 4-5 hours every day. I take emotional trades, just to trade. Every 2 weeks i change indicators and system(looking for the Holy Grail!!!!!!) This is my fault and i am working on that. I know i can win if i am disciplined. I have only to work on myself. Hope that helps someone and make the time to success shorter. Quote Link to comment Share on other sites More sharing options...
Gillybet Posted July 26, 2009 Report Share Posted July 26, 2009 Re: When You First Entered The Forex World . . . I started off in the forex world very excited (which was a bad thing anyhow), I honestly thought I would be able to do things my way and all would be well- duh! X_X I did really well by being conservative and safe, then got over-confident and blew it in one day- unreal. Money Management is everything, and I mean everything. I love it though and look forward to being able to make a full time income from it. Quote Link to comment Share on other sites More sharing options...
sule Posted July 29, 2009 Report Share Posted July 29, 2009 Re: When You First Entered The Forex World . . . in the university. Writing an EA is my datamining project Quote Link to comment Share on other sites More sharing options...
brtan Posted July 30, 2009 Report Share Posted July 30, 2009 Re: When You First Entered The Forex World . . . My first encounter in the forex world was with a martigale ea. earn 20% within 2 weeks and crashed my acct on the 3rd week. Very painful. But I learned along the way. That was 3 yrs ago. Today I do not dare to touch martigale ea anymore Quote Link to comment Share on other sites More sharing options...
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